LONDON – Global law firm Reed Smith has advised Crescent Gas in the English Court of Appeal, successfully defeating the National Iranian Oil Company’s (NIOC) attempts to appeal the Commercial Court’s orders enforcing an arbitral award worth approximately US$2.4 billion.
The underlying dispute arose from a long-term gas sales agreement between NIOC and Crescent Petroleum, assigned to Crescent Petroleum’s subsidiary, Crescent Gas.
Following NIOC’s failure to supply the agreed-upon gas, Crescent Gas obtained a substantial damages award of US$2.4 billion plus interest in international arbitration. NIOC’s subsequent enforcement challenges were rejected by the English courts. The Court of Appeal’s decision leaves in place the Commercial Court’s enforcement orders, including relief over a high-value London property owned by NIOC.
Reed Smith partner Michael Darowski represented Crescent Gas throughout the English court proceedings and the underlying arbitrations.